What are Bitcoins?
How are they e-mined?
What is the market rate of Bitcoin as of January 2018?
Who founded Bitcoin & where?
Is Bitcoin exhaustible resource? If yes, when will it exhaust?
Is Bitcoin legal? What is its protocol?
Is Bitcoin accepted in the Indian market?
Wha are the merits & demerits of using Bitcoin?
Explain each answer in detail. Each answer must be at least of 100 words.
DISCLAIMER : Answers without sufficient & not copied info will be subject to deletion.
How are they e-mined?
What is the market rate of Bitcoin as of January 2018?
Who founded Bitcoin & where?
Is Bitcoin exhaustible resource? If yes, when will it exhaust?
Is Bitcoin legal? What is its protocol?
Is Bitcoin accepted in the Indian market?
Wha are the merits & demerits of using Bitcoin?
Explain each answer in detail. Each answer must be at least of 100 words.
DISCLAIMER : Answers without sufficient & not copied info will be subject to deletion.
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Verified answer
HELLO DEAR,
...Bitcoin Is A Cryptocurrency
And Worldwide Payment System.
IT Is The First Decentralized
Digital Currency,
As The System Works Without
A central Bank Or
Single Administrator.
....Every Ten Minutes or
So Mining Computers Collect a
Few Hundred Pending BITCOIN Transactions (a “Block”)
And Turn Them Into
A Mathematical Puzzle.
The First Miner To Find The Solution Announces It
To Others On The Network.
the other miners Then Check Whether
The Sender Of The Funds Has The Right
To Spend The Money, And Whether
The Solution To The Puzzle is Correct.
IF Enough Of Them Grant Their Approval,
The Block Is Cryptographically Added To
The Ledger And The Miners Move On To
The Next Set Of Transactions (Hence The Term “Blockchain”).
THE Miner Who Found The Solution Gets 25 Bitcoins As A Reward, But Only After Another 99 Blocks Have Been Added To The Ledger.
Prohibitively Expensive:
Bitcoin MINERS Now Have 13,000 Times More COMBINED
Number-Crunching POWER THAN THE WORLD’S 500 BIGGEST SUPERCOMPUTERS.
...IT WAS INVENTED BY UNKNOWN PERSONOR GROUP Of People Under
The Name SATOSHI NAKAMOTO And RELEASED As OPEN- Software in 2009.
His Stated Goal Was To Create
"a New Electronic Cash System"
That Was
"completely Decentralized With No Server or central Authority."
After Cultivating The Concept And Technology, in 2011,
NAKAMOTO Turned Over
The Source Code And Domains To Others
In The Bitcoin Community,
And Subsequently Vanished.
.."YES"IT IS A EXHAUSTIBLE RESOURCES
DOES BITCOIN MINING WASTE ELECTRICITY:-
BITCOIN’S Electricity Consumption Will Grow
To Rival That Of The Nation Of DENMARK by 2020.
Whatever The Accuracy Of Motherboard’s Math, There’s No Disputing The Fact That BITCOIN Uses a Great Deal Of Energy.
There’s No DISPUTING
The Fact That BITCOIN Uses
A Great Deal Of Energy.
ON An Industrial Level, BITCOIN May Be
Considered a System Which Converts Electricity Directly Into Money.
Simply put, currency with no backing but faith in its controllers tends to be short-lived and ruinous in its hyper-inflationary death throes.
Bitcoin was designed with one monetary goal foremost in mind: avoiding the dismal fate of previous monetary forms by preventing the evils of debasement.
Rather than trust in some distant, unaccountable human authority’s wisdom and restraint, Bitcoin’s supply limit is enshrined in its code; its “digital DNA,” as a matter of unanimous consensus.
....Bitcoin is of interest to law enforcement agencies, tax authorities, and legal regulators, all of which are trying to understand how the cryptocurrency fits into existing frameworks. The legality of your bitcoin activities will depend on who you are, where you live, and what you are doing with it.
....As it is a decentralized currency, it can be considered to be a domestic currency since it is being mined in India.
This leaves it out of the scope of Foreign Exchange.
Even if,
IP's can be tracked when Bitcoin is used for Foreign Exchange,
they can be easily anonymized through the Tor Wallet.
...Merits of Bitcoin in India:
Huge profits (In compare to FDs, Mutual Funds, Shares for long term and sometimes more than Intraday as well)
Recently Bitcoin cash has also been introduced but nothing in India anytime soon.
Allowing users to be in control of their transactions help keep Bitcoin safe for the network.
All finalized transactions are available for everyone to see, however personal information is hidden.
Bitcoin it is very possible to be able to send and get money anywhere in the world at any given time.
Currently there are either no fees, or very low fees within Bitcoin payments.
Bitcoin transactions cannot be reversed, do not carry with them personal information, and are secure, merchants are protected from potential losses that might occur from fraud.
Demerits of Bitcoin in India
Bitcoin has some growth to do before it comes to its full and final potential. Bitcoin is just starting out, and it needs to work out its problems just like how any currency in its beginning stage would need to.
Bitcoin is still at its infancy stage with incomplete features that are in development.
To make the digital currency more secure and accessible, new features, tools, and services are currently being developed.
Possibility of high value in future due to great demand.
demerits:
Lack of awareness ( Most of the people still don’t know about digital currencies and Bitcoins)
Interference of government ( the most government can do to bitcoin is they can ban it in their country which will cause the country’s wallet and traders to shut down and your bitcoins would freeze in the wallet which may be hard to access)
Volatility ( The rate of Bitcoin fluctuate with great margins on everyday basis, It will take few years for its price to be settled)
CONCLUSION : Bitcoin is a game changer in digital, world you can count on it but still some risk are involved.
I HOPE ITS HELP YOU DEAR,
THANKS
Verified answer
BITCOINS(What are Bitcoins?)
Bitcoin could be a cryptocurrency and worldwide payment system. it's the primary suburbanised digital currency, because the system works while not a financial institution or single administrator.The network is peer-to-peer and transactions happen between users directly, while not AN intermediator.These transactions are verified by network nodes
________________________________________________
(How area unit Bitcoins e-mined?)
Miners run computer code to search out the key which will open that padlock.Once their laptop finds it, the box pops open and also the transactions area unit verified. for locating that "needle in a very haystack" key, the labourer gets a present of twenty five new generated bitcoins.
Bitcoin mining is done by a laptop novice—requiring basic computer code and specialised hardware.
The computer code needed to mine is easy to use and open source—meaning liberated to transfer and run.
The second piece of computer code required is that the mining computer code itself. once launched, the program begins to mine on its own—looking for the magic combination which will open that padlock to the block of transactions. The program keeps running and also the quicker and additional powerful a miner's computer is, the quicker the labourer can begin generating bitcoins.When mining began, regular off-the-rack PCs were quick enough to come up with bitcoins
_______________________________________________
(What is that the market rate of Bitcoin as of January 2018?)
The market rate of Bitcoin as of January 2018 is 703457.82 rupee.Graph showing the rise within the value of Bitcoin in Indian Rupees is given within the attachment.
________________________________________________
(Who based Bitcoin & where?)
Bitcoin was based by an unknown person or cluster of individuals below the name Satoshi Nakamotoand discharged as ASCII text file computer code in 2009.Bitcoin was planned by a written report in a very email story to a cryptography forum. the e-mail was sent by Satoshi Nakamoto, he contributed to its initial development and created 1st Bitcoin group action to forum members.
______________________________________________
(Is Bitcoin exhaustible resource? If affirmative, once can it exhaust?)
Bitcoin has restricted amount, it's AN "exhaustible resource", which will finish sooner or later. the worth of Bitcoin can fall sharply - it's solely a matter of your time. New crypto currencies gain momentum each day and this constitutes a threat of state of affairs out Bitcoin. And yet, for nowadays it's Bitcoin that is still the foremost in style and in-demand crypto currency. That`s why we should always relish its growing value for currently.
_________________________________________________
(Is Bitcoin legal? what's its protocol?)
Yes, for now, as long as -- like several currency -- you do not do nonlegal things with it. as an example, bitcoin was the only currency accepted on trade route,
Since then, bitcoin has for the most part evaded regulation and enforcement within the North American country, though it's below raised scrutiny because it attracts additional thought attention.
.
The bitcoin network could be a peer-to-peer payment network that operates on a scientific discipline protocol.
_____________________________________________
(Is Bitcoin accepted within the Indian market?)
Legality of Bitcoin in Bharat.
The idea of cryptocurrency and Bitcoin remains in its emerging stage in Bharat and doesn't have restrictive clarity. in step with Nishith Desai, founding father of house Nishith Desai Associates, Bitcoin aren't nonlegal in Bharat and this is often in consonance with a global approach.
_______________________________________________
(What are the merits & demerits of using Bitcoin?)
Following area unit the deserves of mistreatment Bitcoin :--
1.Freedom in Payment
With Bitcoin it's terribly potential to be ready to send and find cash anyplace within the world at any given time.
2.Control and Security
Merchants cannot charge further fees on something while not being noticed . they have to speak with the buyer before adding any charges.
3. Info is clear
With the block chain, all finalized transactions are obtainable for everybody to check, but personal info is hidden.
4.Very Low Fees
Currently there area unit either no fees, or terribly low fees at intervals Bitcoin payments.
5.Fewer Risks for Merchants
Due to the very fact that Bitcoin transactions can not be reversed, merchants are protected against potential losses that may occur from fraud.
Following area unit the demerits of mistreatment Bitcoin :--
1.Lack of Awareness & Understanding
Fact is many folks area unit still unaware of digital currencies and Bitcoin.
2.Risk and Volatility
Bitcoin has volatility principally because of the very fact that there's a restricted quantity of coins and also the demand for them will increase by every passing day..
3.Still Developing
Bitcoin remains at its infancy stage with incomplete options.